NSW Budget more than doubles first homebuyer grant

NSW Budget more than doubles first homebuyer grant

Posted on Tuesday, June 12 2012 at 3:23 PM

From October 1, New South Wales’ first homebuyers will be given $15,000 to spend on a new home – more than double the current incentive – and non-first homebuyers will be given $5000 to secure a new home, according to the NSW Government Budget 2012-13 handed down today.

NSW Treasurer Mike Baird likes
to call the new incentives “the most generous first homebuyer scheme for buyers
of new homes in Australia”.

Under what has been labelled the
‘Building the state package’, the $15,000 first homebuyers’ grant for new homes
has been promised until 2014, when it will drop down a notch to $10,000.

Also in the package announced
today, the NSW Government has committed to continue stamp duty concessions for
first homebuyers of new properties priced up to $650,000.

The NSW Government said for a
new property priced at $550,000, first homebuyers would be given $35,240 in
benefits (a combination of stamp duty concession and first homebuyer grant),
$19,245 more than the existing scheme.

Housing construction will be
further boosted, with $481 million committed to infrastructure in new housing

Baird said the first $181
million of this new funding would facilitate the development of up to 76,000
new dwellings.

Also committed is $30 million to
the Local Infrastructure Renewal Scheme, on top of the $70 million already
committed, to build $1 billion of new local infrastructure.

Article source: http://feedproxy.google.com/~r/API_Property_News/~3/ZORadXGrrak/nsw-budget-more-than-doubles-first-homebuyer-grant